Companies can use financial audit software to determine whether there are significant misstatements in their financial accounts. An audit is a legal obligation for businesses to stay out of fraud.
Regardless if it's necessary or not, auditing remains a crucial aspect for every firm, especially those that run under strict laws and adhere to the highest standards. To meet these demands, you will require the assistance of our top 5 best audit management software.
What Software Is Used for Audit?
Financial audit management software is responsible for the analytical inspection and review of any company's financial statements to ensure that all transactions they claim to portray are equitable. There are two ways of auditing: external and internal audit. External audits are usually undertaken by CPA firms comprising the auditor's opinion in the audit report. Meanwhile, internal audits are employed by companies mainly for managers to enhance procedures and internal control systems.
What Is the Best Audit Tool?
Financial auditing, while necessary, can be a source of dissatisfaction for both the internal audit staff and the auditees. The procedure can be time-consuming and demanding, especially if carried out manually. Audit participants may spend time seeking proof and appropriate paperwork, but auditors usually have to replicate work done on-site in their final reports.
Our top 5 best audit software will help you ease your way into auditing and become compliant with standards and regulations.
#1 WIDI
WIDI came to life from the minds of two ex-KPMG colleagues with over ten years of financial audit expertise, Larry and Louis. Before WIDI, they established a CPA practice in 2015. Immediately, they encountered typical issues such as excessive manual labor, difficulty recruiting new employees, etc.
After failing to find adequate alternatives in the market, they began to create WIDI, a cloud-based solution suited for all small and medium-sized CPA companies in countries that adhere to international standards. Today, WIDI stands as one of the best cloud-based audit software that connects your team in order to work under one platform, allowing you to accomplish financial audits whenever and wherever you choose.
Key Features
- WIDI lets you access all the advantages of a paperless audit system anywhere in the globe at any time.
- You can streamline audit planning, fieldwork, and review using straightforward built-in procedures for preparers and reviewers.
- Repetitive and time-consuming chores won't have to come your way with this audit management software. Every process in WIDI is automated, so you can save time and focus on what is important for your engagement or client.
- With WIDI, you should be able to clone parts or whole audits to build new or recurring ones with a few clicks.
- It comes with a fulfilling compliance system methodically in terms of risk assessment, audit issue detection, and so on.
- Two-factor authentication and encryption ensure your data's safety, security, and privacy.
When compared to traditional auditing tools, preparation of clearance, engagement, confirmation letters, and most importantly, the audited financial report take only a few clicks. There will be no more vlookup, Ctrl+C, or Ctrl+V. You can begin your important work activity right away. Moreover, its drafting wizard will spare you from having to work beyond your office time.
Benefits
- Keep track of active engagements
- UX is simple and clear, easy to use
- AI to help do TB mapping
- Conduct audit assessments
- Examine all audit procedures
- Quickly compile an audit report
- Lets you work with your team
- Edit, send, and sign documents
- Standardised work flow
- Allows new and untrained joiners to work immediately
- Lets you automatically draft financial statements
Overall, WIDI is rather easy to navigate. They leverage an AI auditor so machines can do the work, decrease human error, and improve efficiency. They also promote paperless work to protect the environment, refine auditors' industry image and encourage more work & life balance in this profession.
They are also promoting the concept of "CPA Nomad", similar to digital nomads, where CPAs can decide to travel and stay in different countries they like while they can still access to their work and earn income remotely via WIDI. With over 100 registered users, primarily in Hong Kong, they will soon be available in the market to SEA and Africa.
The best part is that you may select the best pricing for yourself. WIDI Lite, which costs $10, provides all the essential capabilities required to begin auditing. Meanwhile, WIDI Standard at $30 is appropriate for advanced auditors who want additional automation and capabilities. There are no registration costs. There is no long-term commitment. It's all pay-as-you-go.
If you're still undecided, you may sample WIDI with a free token. Try WIDI for free and start simplifying financial audits!
#2 Xelix
Xelix is the first payable account control center and audit management software that leverages AI as an intelligence layer to interface with your current financial systems, automating procedures, identifying payment hazards, and providing insightful data. Its Protect feature minimizes misclassification while utilizing the most recent advancements in AI and pattern-based analysis to find hidden dangers and flaws in your transactional and source data.
By avoiding improper payments, this compliance audit software safeguards working capital. Increase control by thoroughly scrutinizing supplier invoices. Streamline manual audits to save you time. It also offers consistent vendor file analysis that lowers risk so you can gain protection across several departments and systems. Additionally, it may quickly find areas for AP process development.
When it comes to precision and sophistication, Xelix is unsurpassed. Its capabilities include deciphering supplier statements, identifying VAT abnormalities, and detecting probable fraud. The accuracy of this audit software starts at 60% and increases over time as users utilize the platform's input features to assist them in further honing their models.
Key Features and Benefits
- Ensures proper financial statements
- Uses AI to reduce errors
- Automates manual audits
- Protects your financial data and procedures
- Gives insight for improvement
#3 AuditFile
AuditFile is audit management software that provides all of the conveniences of a digital audit system even without installing software on your device. This audit software lets your company effortlessly maintain compliance with entire auditing standards and regulations, and your data and files will be safer and more readily available.
AuditFile is more than simply a tool for auditors; it records firm data from top to bottom, allowing the entire business to run at optimal efficiency. It has real-time dashboards and notifications that are easy to use. It supports target monitoring and other corporate analytics and generates financial statements with a single click.
Every transaction and file you submit is encrypted with 256-bit Transport Layer Security (TLS). So your data and files are far safer with AuditFile than saving them on local hard drives and devices. It is also accessible from any connected device anytime and anywhere you go.
AuditFile contains the most recent Advantage Audit programs as well as planning papers for industry-specific audits, evaluations, and compilations. But for a more personalized condition, custom programs can also be installed.
Key Features and Benefits
- No contracts, sign-ups, and hidden fees
- Tracks financial expenditures
- Provides insightful analytics
- Complete backups and secured database
- Compatible with work collaboration
- Accessible anywhere
#4 AppZen
AppZen transforms how finance teams operate by automating spending decisions and offering insights that enable you to cut costs, adhere to regulations, and expedite processes. Every line on an expenditure receipt may be extracted, contextually understood, and approved with this auditing program before spending any money.
English translations of receipts written in other languages are available within the receipt picture. Verify unlawful purchases in more than 40 languages. Its strong AI software can recognize brand names and natural language phrases. It is up to date with all current regulations and rapidly spots purchases that aren't allowed and expenditure lines that aren't labeled correctly.
By comparing photos with extracted, unstructured, and electronic data, duplication costs can be avoided. Discover duplication brought on by comparable invoices and receipts, stick shift keying mistakes, numerous submissions, various receipt forms, and P-Card files.
Using AppZen, front-line managers and financial staff may oversee and control their teams' expenditure and risk using team information, identify high-risk personnel, and take prompt corrective action.
Key Features and Benefits
- Helps you comply with rules and regulations
- Translates 40 languages in receipts
- Uses AI for validity and accuracy
- Ensures there are no duplicates and missing forms
- Empowers financial teams and identify suspicious activities
#5 Hubdoc
Hubdoc is an auditing system with document mission control. Link the information from your bills, receipts, and invoices with your accounting program. Make rules to automate the publication and coding of your documents.
You can make use of Hubdoc's integrations to maintain communication. Data silos and papers remaining in wallets, inboxes, or shoeboxes are no longer an issue. It's excellent for working with coworkers, accountants, and bookkeepers.
Backup is automated because of the tight interaction between Hubdoc and other add-ons. You can make copies in Box in addition to having your papers synchronized with your accounting software. Also, as soon as new documents are received, it immediately sorts and groups them into searchable folders that can be customized. So no more stacks of paper or file drawers stuffed with paperwork.
More than that, HubDoc encourages you to spend more time managing your business and less time looking for financial paperwork, thanks to dedicated customer assistance, free online training, and 256-bit SSL security protection.
Key Features and Benefits
- Suitable for beginners
- Works as both external and internal audit software
- Integrates with handy applications for accounting
- Lets you link all the financial data you have on hand
- Sorts and groups folders so you can search for files immediately
Best Auditing Software
Internal audit teams and auditees can benefit from audit software by reducing tedious urgent administrative responsibilities. Audit management software such as WIDI, Xelix, AuditFile, AppZen, and HubDoc can lessen the time it takes to plan, conduct, and report financial audits by acting as one-stop solutions for all audit processes.
Instead of exerting manual labor that can spawn human errors and experiencing frustrations brought about by the intricacies of auditing, our top 5 best auditing software will find a way to make auditing easier and hassle-free for you.
